“Prices ranged from $.14 to $.23 higher across the 3 classes with CGO and KC the upside leaders. Ukrainian drone strikes delivered significant damage to Russia’s Novorossiysk port on the Black Sea. This deep water port is home to at least 2 major grain terminals along with energy terminals and a naval base. It’s estimated 18 mmt of Russian grain was exported through Novo in 25/26 while 25 mmt moved through in the 24/25 MY. War headlines and logistical issues from the Black Sea region will continue to drive market volatility. So far global buyers have not chased alternative, more expensive sources, however their time may be running out,” pointed out Mark Soderberg with ADM Investor Services.
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